A: An overdraft occurs when you do not have sufficient available funds (Available Balance) in your account to cover a transaction, but we pay it anyway, for a fee. Important information regarding overdrafts is located in the Account Agreement.
Q: What are the standard overdraft practices that come with my account?
A: We authorize and pay overdrafts for checks and other transactions made using your checking account number and automatic bill payments. We do not authorize and pay overdrafts for ATM transactions and everyday debit card transactions unless you ask us to by signing up for Overdraft Privilege Extended Coverage. We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
Q: What fees will I be charged if Elements Financial pays my overdraft?
A: Under our standard overdraft practices:
We will charge you a fee of up to $32 each time we pay an overdraft.
There is no limit on the total fees we can charge you for overdrawing your account.
Q: What if I want Elements to authorize and pay overdrafts on my ATM and everyday debit card transactions?
1 Accounts will be charged the standard Overdraft fee of $32.00 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $32.00 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of business day, if you default on any loan or other obligation to Elements Financial Federal Credit Union or if your account is subject to any legal or administrative order or levy.